- Vitalik Buterin stated that the ETH sale was used for projects and charity purposes, not for profit.
- He had 325,000 ETH 3 years ago, now he has 240,000 ETH.
- Buterin defended Ethereum’s support for DeFi despite criticism from some experts.
Ethereum co-founder Vitalik Buterin has responded to allegations surrounding his sale of Ether (ETH), saying the transaction was not for personal gain but was motivated by a desire to support the Web3 project and charity work.
According to a recent post by on-chain analytics firm Lookonchain, Buterin has reduced his ETH holdings by 85,000 ETH ($209 million) over the past three years.
3 years ago, @VitalikButerin He mentioned that he has 325K $Ethereum(Price at the time was $1.46 billion) $Ethereum It was $4,500.
He now has 240K $Ethereum($592 million).
He reduced his stake by 85K. $Ethereum($290 million in 3 years) pic.twitter.com/LG2bZcvd4A
— LookOnChain (@lookonchain) August 30, 2024
The most recent incident involved the transfer of 800 ETH, worth over $2 million, to a multisig wallet. Lookonchain highlighted that the same wallet address received 3,000 ETH from Buterin on August 9, raising concerns about Buterin’s motivation for selling.
Vitalik.S(@VitalikButerin) 800 sent $Ethereum($2.01 million) was transferred back to the multi-signature wallet 40 minutes ago.
Multisig wallet exchanged 190. $Ethereum About 477K $USDC later.
August 9th, #Vitalik Also transferred 3,000 $Ethereum($8.04M) was deposited to this multisig wallet. https://t.co/81Vf39bvbL pic.twitter.com/6IlwtcqvPg
— LookOnChain (@lookonchain) August 30, 2024
Vitalik Buterin Denies Selling ETH for Profit
In response, Buterin has categorically denied all claims that he sold ETH for personal gain. He has stated that he has never sold Ether for personal financial gain since 2018. Instead, he explained that the ETH sales were to support various Web3 projects and charity activities.
I have kept my profits without selling since 2018. All sales have been used to support various projects that I believe are valuable within the Ethereum ecosystem or within broader philanthropic causes (e.g. biomedical R&D).
— vitalik.eth (@VitalikButerin) August 31, 2024
Buterin’s statement aims to highlight his longstanding commitment to using his resources for meaningful purposes rather than personal gain.
Ethereum and DeFi Support
Buterin’s statement also touches on his stance on decentralized finance (DeFi) and the broader Ethereum ecosystem, which he has criticized for not supporting DeFi enough.
Kane Warwick, who created the concept of yield farming, and crypto philosopher Millie have criticized Buterin’s perceived lack of interest in DeFi.
Buterin, however, defended Ethereum’s role in DeFi and his own stance, saying, “DEXs are great, I use them every week.”
The type of applications I want to see are those that (i) are useful in a sustainable way and (ii) don’t sacrifice principles like permissionlessness, decentralization, etc.
I think DEX is great and I use it every week.
I’m talking about decentralized stablecoins…
— vitalik.eth (@VitalikButerin) August 25, 2024
Buterin’s defense reflects his commitment to ensuring that Ethereum continues to support meaningful and sustainable development within the blockchain space. He has consistently argued for the importance of long-term value over temporary profits, and has reinforced his position that the Ethereum network should focus on fundamental principles rather than temporary trends.
By addressing these claims and championing Ethereum’s role in DeFi, Buterin reaffirms his commitment to a broader vision of a decentralized and robust digital future.